Nickel and pgm producer Inco released details of its 2003 performance today, revealing a dip in platinum group metal production.

Strike action at the firm's Ontario plant saw the company produce only 207,000 troy ounces of pgms for the year.

In a statement the firm's chief executive Scott Hand said he anticipated the dip being overcome in the coming year.

'We expect a sharp improvement in pgms production in 2004, increasing such production to 400,000 troy ounces,' he commented.

Due mainly to the strengthening nickel price, total net sales stood at $2.47 billion for the full year 2003, up 14 per cent from $2.16 billion in 2002.